Saturday, May 24, 2014

Marcus & Millichap Arranges Sale of Applebee’s in Delray Beach, FL for $1.87 Million

  
Applebee's, 15058 Jog Road, Delray Beach, FL
 WEST DELRAY BEACH, FL – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced the sale of Applebee's, a 4,755 square-foot net-leased property located in Delray Beach, FL, according to Justin C. White, regional manager of the firm’s Las Vegas office. The asset sold for $1,870,000.

Chris Cunning, First Vice President Investments in Marcus & Millichap’s Las Vegas office, had the exclusive listing to market the property on behalf of the seller, a limited liability company. 

Chris Cunning
The buyer, a limited liability company, was secured and represented by Gabriel Britti, Associate Vice President Investments, and Ronnie Issenberg, Vice President Investments, in Marcus & Millichap’s Miami office.  Kirk Felici, Broker, assisted in closing this transaction.

Applebee's is located at 15058 Jog Road in Delray Beach, FL. 

“South Florida has continued to demand aggressive CAP rates, even from area investors who realize the intrinsic value of local commercial real estate with strong fundamentals in core markets,” says Issenberg.

According to Cunning, "The location of this property offered the buyer the opportunity to acquire a solid asset sitting on an outparcel to a Home Depot-anchored center.  It also benefits from several other national retailers in the surrounding area." 

“This property has excellent fundamentals and is a great location. It is no surprise that it sold within the first few days of hitting the market at list price,” adds Britti.

For a complete copy of the company’s news release, please contact:

Justin C. White
Vice President
Las Vegas, NV
(702) 215-7100


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